Apple (NASDAQ:AAPL) Raised to “Outperform” at Raymond James

Raymond James upgraded shares of Apple (NASDAQ:AAPL) from a market perform rating to an outperform rating in a research note published on Thursday, Benzinga reports. Raymond James currently has $250.00 price objective on the iPhone maker’s stock.

Several other analysts also recently commented on AAPL. Needham & Company LLC reaffirmed a hold rating on shares of Micron Technology in a research note on Thursday, March 21st. Daiwa Capital Markets set a $212.00 target price on Apple and gave the stock a buy rating in a report on Wednesday, June 5th. Robert W. Baird increased their target price on Thermo Fisher Scientific from $270.00 to $288.00 and gave the stock an outperform rating in a report on Tuesday, March 26th. Cowen set a $63.00 target price on TJX Companies and gave the stock a buy rating in a report on Tuesday, June 4th. Finally, Evercore ISI assumed coverage on Helmerich & Payne in a report on Thursday, June 6th. They set an outperform rating for the company. Four analysts have rated the stock with a sell rating, eighteen have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Hold and an average price target of $210.82.

Shares of Apple stock opened at $202.59 on Thursday. The firm has a market cap of $932.13 billion, a P/E ratio of 17.01, a PEG ratio of 1.72 and a beta of 1.23. Apple has a 12 month low of $142.00 and a 12 month high of $233.47. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.32 and a quick ratio of 1.26. The business’s fifty day simple moving average is $196.31.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, April 30th. The iPhone maker reported $2.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.37 by $0.09. The business had revenue of $58.02 billion for the quarter, compared to the consensus estimate of $57.40 billion. Apple had a return on equity of 51.29% and a net margin of 22.12%. The firm’s revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.73 EPS. Equities research analysts predict that Apple will post 11.47 EPS for the current fiscal year.

Apple declared that its Board of Directors has authorized a stock buyback plan on Tuesday, April 30th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In related news, COO Jeffrey E. Williams sold 56,411 shares of Apple stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total transaction of $11,866,617.96. Following the completion of the transaction, the chief operating officer now owns 151,187 shares in the company, valued at $31,803,697.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arthur D. Levinson sold 35,000 shares of Apple stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $210.86, for a total value of $7,380,100.00. Following the transaction, the director now owns 1,168,283 shares of the company’s stock, valued at approximately $246,344,153.38. The disclosure for this sale can be found here. 0.05% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of AAPL. Thoroughbred Financial Services LLC grew its holdings in Apple by 19,949.3% during the second quarter. Thoroughbred Financial Services LLC now owns 10,055,128 shares of the iPhone maker’s stock worth $1,005,513,000 after purchasing an additional 10,004,976 shares during the period. H&H International Investment LLC grew its holdings in Apple by 16.5% during the second quarter. H&H International Investment LLC now owns 3,877,900 shares of the iPhone maker’s stock worth $785,333,000 after purchasing an additional 550,300 shares during the period. Mn Services Vermogensbeheer B.V. grew its holdings in Apple by 57.3% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 1,235,798 shares of the iPhone maker’s stock worth $170,524,000 after purchasing an additional 450,098 shares during the period. Fisher Asset Management LLC grew its holdings in Apple by 3.4% during the fourth quarter. Fisher Asset Management LLC now owns 12,766,487 shares of the iPhone maker’s stock worth $2,013,786,000 after purchasing an additional 417,421 shares during the period. Finally, Amundi Pioneer Asset Management Inc. grew its holdings in Apple by 4.3% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 10,155,585 shares of the iPhone maker’s stock worth $1,929,054,000 after purchasing an additional 414,856 shares during the period. Institutional investors and hedge funds own 58.51% of the company’s stock.

About Apple

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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